编者的话

中国人对环境的关注度正在急剧上升。虽然此前对中国的环境恶化是否已经到底有过不少讨论,但是多数人仍认为,中国环境最糟糕的时候还没有到来,用理论界的话说,中国依然处在库兹涅茨环境曲线的上升阶段。倒U型库兹涅茨环境曲线是环境经济学中的理论,其核心是经济增长的不同阶段会出现对应的环境质量状况:在经济发展初期,环境质量可能随着经济增长而不断恶化,代表污染状况的环境曲线上升;但到达一定的拐点时,环境质量有可能随经济的发展而逐步改善,环境曲线逐渐下降。     

加强风险防范 提供高质量支付服务——天津市奥运支付环境建设

作为2008北京奥运会的分赛区之——天津市，在人总行和天津市政府的关心支持下，天津市各有关单位认真贯彻落实《奥运支付环境建设工作领导小组关于加强奥运支付环境建设的指导意见》加强风险防范，不断改善天津市奥运赛事城市支付环境，为奥运提供高质量的奥运支付服务环境。     

新概念

绿色奥运把环境保护作为奥运设施规划和建设的首要条件,制定严格的生态环境标准和系统的保障制度;广泛采用环保技术和手段,大规模多方位地推进环境治理、城乡绿化美化和环保产业发展;增强全社会的环保意识,鼓励公众自觉选择绿色消费,积极参与各项改善生态环境的活动,大幅度提高首都环境质量,建设生态城市。     

奥运金融服务系列报道(三) 银联:履行责任 提高服务水平

伴随奥运圣火的一站站传递,奥运支付环境建设有关工作进入最后冲刺阶段。在人民银行领导下,中国银联积极履行服务奥运的社会责任,以贯彻实施人民银行等十部委制定的《关于加强奥运支付环境建设的指导意见》有关要求为核心,协同商业银行及专业机构,从系统安全、受理环境软硬件建设、营造安全用卡环境、境外发行银联标准卡等方面不断努力,为广大境内外持卡人打造优质、     

肖钢：挑战国际金融

执掌中国银行,为试点股改背水一战;历经波折,打造中行上市神话;作为中资银行海外经营的先行者,中行在金融危机下逆势上扬;与奥运结缘,成就银行业的奥运品牌……肖钢是中国银行不断改革的见证者和亲历者。     

推进排污收费改革 努力构建环境保护新机制

“十五”以来，按照市委、市政府关于建设“天蓝、地绿、水清、气爽、路畅”优美城市的要求，石家庄市财政部门逐步加大环保投入力度，加强环境管理．强化污染治理，大力开展大气污染综合治理、重点区域（流域）综合整治、污水集中处理、城市集中供热、清洁能源替代、生态工程建设等一系列环境综合工程建设。城市环境质量不断改善，区域生态环境恶化趋势得到有效遏制。     

陆源污染对海洋环境的影响及其防治

近岸海域是海洋环境受人为干扰最为直接和严重的区域,大量陆源污染物的排放使得近海海域的环境质量受到了严峻的挑战.本文讨论了我国陆源污染概况以及对海洋环境的影响,分析了我国陆源污染日益严重的原因,认为我国应把陆源污染物防治作为重点,并在强化政府责任、加大对违法现象的处罚力度、加强公众海洋环保的意识等方面做出努力.     

“后奥运效应”——历史的镜子

燃烧的奥运圣火,在国家体育场徐徐熄灭……当激情过后,笔者想起早在一年多以前,就有不少海内外媒体不断向经济界人士发问:奥运之后的中国经济是否必然出现拐点?     

北京市非公企业参与奥运建设调查

改革开放以来,我国个体、私营等非公有制经济不断发展壮大,已经成为社会主义市场经济的重要组成部分和促进社会生产力发展的重要力量。在北京2008年奥运会的建设进程中,非公企业（以下企业兼为非公企业）已经成为参与奥运建设的一支特殊的生力军。北京市工商联合会对参与奥运的非公企业做了调查,对企业的地域分布、规模以及参与类别情况进行初步研究,并进一步探讨了奥运为企业未来发展带来的机遇。此次调研活动,旨在通过量化的、科学的研究体系,了解北京市非公企业参与奥运工作的实际情况,从而比较清晰地获取北京市非公企业参与奥运的整体状况,为奥运后非公企业持续发展提供宝贵的参考资料。     

“展、商”复合：场馆设施长效利用的新模式

警惕!不要让场馆成为闲置的"行宫"随着奥运的不断临近,不仅奥运赛事受到大众关注,奥运后因奥运而建的大量场馆再利用问题也受到越来越多的关注。从以往很多奥运举办城市的经验看,尤其是最近一期奥运举办城市雅典看,很多体育场馆在奥运会后基本上处于闲置状态,成了鲜有光顾的体育"行宫"。其实不只是体育场馆,随着会展经济对区域发展的带动作用被越来越多的区域决策者重视,很多地区(尤     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.